Research on ecosystem services has become a dominant field within environmental management, framing the way in which human-nature relationships are understood and managed. Although ecosystem services are usually defined as 'the benefits that humans receive from nature', our work shows that most services are actually co-produced by a mixture of natural capital and various forms of social, human, financial and technological capital. Here, we review how ecosystem services are co-produced, and then we assess how this affects the quantity, quality, trade-offs, resilience and the equity of the distribution of ecosystem services. Then we discuss the implications of co-production for sustainability. Finally, we present some challenges for an adequate consideration of co-production within the assessment of ecosystem services.